Clara Insurance raises seed round as it preps for summer launch

May 26, 2020

Clara Insurance, which helps employers give better cover to their employees, has netted $5.5m in its seed round to support its platform launch.

The round was led by Two Sigma Ventures, with additional support coming from Founder Collective, RGAX LLC, SymphonyAI and more.

Founded in 2019, Clara Insurance offers customisable insurance plans which also offer additional coverage for chronic conditions and mental health. Members can use the Clara payouts for medial bills or everyday expenses like childcare, groceries or transportation until they are back to normal.

Its claims app also enables members to receive their money within hours, not weeks. The member simply uploads photos to file a claim.

The InsurTech plans to launch in Texas in the summer of 2020.

Clara founder and CEO Veer Gidwaney said, “It’s time we face the fact that millions of Americans are experiencing financial hardship because of a serious health issue.

“Companies that care for their employees and strive to retain top talent want to offer benefits that provide more wide-ranging coverage for their teams and their families. We built Clara because people deserve better.”